Charity number: 311280 KING EDWARD VI GRAMMAR SCHOOL, NORWICH TRUSTEE'S REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 KING EDWARD VI GRAMMAR SCHOOL. NORWICH CONTENTS Page Reference and Adminlstrative Details of the Charlty, its Trustee and Advisers Report of the Trustee 3-23 Independent Audltors. Report on thè Flnanclal Statements 24-27 Consolidated Statement of Financlal Activlties 28 Consolldated Balance Sheet 29-30 Charity Balance Sheet 31-32 Consolldated Statement of Cash Flows 33 Notes to the Flnanclal Statements 34-63 KING EDWARD VI GRAMMAR SCHOOL, NORWICH REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEE AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Council of Management P J E Smith, MA, Chairman (resigned 28 June 2024) ' Dr A C Wood, OBE (Chairman from 28 June 2024)" NQBack Dr S C Bamber (Vice Chairman) ' The Very Reverend Dr A Braddock P J Henderson J M Holme, MBCS, CITP {resigned 8 Decembar 2023) J M Hunter" Ms. D G M Jarrold. MA Canlab ' H C Jourdain A R M Little, FRSA R S Moncriel (appointed 22 March 2024) The Reverend Canon A Plallen N Puvanachandra Mrs. H Salmon Mrs. A Sarkar Roy . J M D Schofield, LLB, FCA. G S Smlth D W Talbol. FCA Mr. J Wells Mrs. D A Willmott Dr D F Wood MA, MD, FRCP Miss T J Yates, BA Professor K H Yeoman Members of the Executive Sub-committee. Charlty reglstered number 311280 Princlpal office 71a The Close Nomich Norfolk NR14DD Trustee Norwich Schtx)l (a company limited by guarantee) Head S D A Griffilhs Bursar CJPEvans Assistant Bursar K M Smith (Maternity Cover) Page 1 KING EDWARD VI GRAMMAR SCHOOL, NORWICH REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEE AND ADVISERS (CONTINUED) FOR THE YEAR ENOED 31 AUGUST 2024 Senlor Leadership Team The Head, the Bursar and: Mrs. N A Fair¥vealher BA- Principal Deputy Head Dr R Clark Bsc. PhD - Deputy Head (Co-curriculum) Dr D N Farr BA. PhD, FRHS - Deputy Head (Director of Studies) J K Ingham BA- Master of the Lower School Mrs. N J Hill Bsc - Assistant Head (Admissions. Marketing & Partnerships) A RO￿andsOn BA - Assistant Head (Staff Development) Indepèndent audltors Larking Gowen LLP Chartered Accountants 1st Floor, Prospecl House Rouen Road Norwich NR1 1RE Bankers Barclays Bank PLC 3 Sl James Court Whitefriars NoTh¥ich NR3 1RJ CCLA 85 Queen Victorla Street London EC4V 4ET SollcStors Mills & Reeve LLP 1 St James Court Whilefriars Norwich NR3 IRU Farrer & Co LLP 66 Lincoln's Inn Fiekls London WC2A 3LH Investment advlsers Bafralt & Cooke Limited 516 Opie Street Nomich NR13DW Page 2 KING EDWARD VI GRAMMAR SCHOOL, NORWICH REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 AUGUST 2024 ETHOS & AIMS A lifelong love of learnlng is at the heart of the holistic, educational journey for each Norwich School pupil. The V4ider Norwich School family of staff. parents. alumni and olher supporters work together lo nurlure our young people, both in Cathedral Cbse and beyond. Education has been associated with Nowiich Cathedral and Christian principles since its earliest beginnings at the end of the 11th century. Set in The Close at the heart of our city. Nop•vich School is the proud 21st century helr to this tradition. As the leading school of any typ8 In East Anglia and one of the best co4ducalional day schools in the United Kingdom, our outslandlng all-round practice blends Iradltlon and innovation to serve the short and long-term interests of every pupil. Our community's daily activities and relationships are nurtured by the guiding concepts of incluslon. love and compasslon. We have a restless ambition for self-improvement at Ihe forefront of pedagogical innovation in local, national and inlernational contexts: a beacon in the East of educational excellence. The Schools alm to: Inspire young people to develop their curiosity in intelleclual, crealive and practical spheres, establishing capacity for pupils to become reftective thinkers who are capable of handling complex concepts and articulate expression in varied media- Establish a platform of rich and varied educational opportunity which enabl8s @very pupil to fulfil their unSque potential; and Create opportunities in leadershlp and service for all pupils. whlch wlll empower them to be ambitious forces for good In the wider community throughout thelr Ilves. OBJECTIVES & ACTIVITIES The School m61 Ils main operational objectives during the 2023124 academic year. NoNich School Is a charlty whose object is a purpose falllng wilhln section 3{1)b of the Charities Act 2011, namely'the advancement of education. 11 is a purpose for the public benefit and is therefore a charitable purpose as defined in section 2(1)b of the Act. The School op8rales as an Independent day school for boys and glrls aged 4 to 18 y8ars who are taught up to Ihe age of 11 In the Lower School and thereafter in the Senior School. In the 2023124 academlc year, there were twenty-six international pupils (including seven BNO) in the Sixth Fomi. They are day pupils residing with local families through a homeslay programme operated by G8bbilas Education, London. Nor¥vich School was Inspecled by the Independent Schools Inspectorate (ISI) over a two and a half day vlsit In November 2023. during which inspectors observed a broad spectrum of lessons, and met wilh many pupils, teachers. and support staff, as well as members of the Governing Body. Questionnaires were sent out lo all parents, pupils. and slaff. The reFort was conducted under the ISI'S new framework which came into effecl in September 2023, which means that instead of a single judgement or grade U)e pupil experience is assessed under four key areas and the report takes in the whole School provision from Reception to Upper 6. In addition, all reports conlain recommended nexl steps. The School met the regulatory standards in all areas. The recommended next sleps were lo ensure leadeTS' quality assurance of teaching and leaming promotes clearly articulaled expectatlons in all curriculum areas, and to ensure pupils understand their next sleps in learning by improving communlcallon of feedback and progress. Work is already underway to implemenl these steps. When the School's application for development of Ihe Bishop's Palace Lawn site was turned down on appeal. the Governors resolved lo separate thè requirement for a communily dining space from the desire to increase and updale leaching spaces. Plans lor any significant development were pul on hold and the latter need was addressed by monitoring property development in and around the Close. The potential availability of accommodation at 15 Upper King Street presented an attractive addition to the School's property portfolio. Page 3 KING EDWARD VI GRAMMAR SCHOOL, NORWICH REPORT OF THE TRUSTEE ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 With floors, it COV8red a slgnificant area, as well as being conflgur@d in a way that provided a good deal of internal flexibility and was proximate lo existing School buildlngs. The School acquired th8 ￿a$ehOld of the building in early 2024 and following chang8 of use and other planning consents, phase one of an extensive programme of works was undertaken before the slarl of the new academic year to convert the upper floors of the building into modern.flexible classroom, social and study space. This additional space enabled a change to the structure of the School day to lake place in September 2024 by simplifying the timetable to 8 x 40-minule periods and creating one extended lunch break. which has provided significant pastoral and co-curricular benefits lo the whole community. Phase two of the Pfogramme, which involves works to lower ground floor to provide much-needad additional catering space is underway, wilh an expected completion at Easter 2025. The final phase of the project. scheduled for summer 2025 will see the completion of works to the top floor of the building, including th8 Toof terrace space. Work on the excltlng new Lower School development (replacing the temp)rary dassroom bulldings with a permanent structure on the site of the former Iwo•Storey buikling) started in April 2024. wlth a scheduled Completion in April 2025. The Homestay prTr3ramme for inlemational pupils continues to go from strength to strength, altracling high calibre pupils from the Far East and Europe. The campaign to bolster externally funded bursary provision at Norwich School continues to make exc811ent progress, with a target of funding five pupils over Iwo years as part of the Norfolk Sixth Fomi Scholarship Scheme. REVIEW OF ACTIVITIES AND ACHIEVEMENTS Indlrect Beneflts The School offers indlrect benefit to the widor communlly through the employmenl of 241 (2023: 228) full tlme equivalent staff and the School reduces the burden on the slale sector by providing an education for 1,194 pupils (2022-23: 1,196). Teachlng links The School regularly collaborates with local state schools. academies. and other pailner organisations to widèn access lo its own educatlonal resources and lo create a shared educational exparience withln Ils communlly. Examples of such acllvilies are.. Norwich School supports teacher training and professional developmenl for new teachers in Ihe region by offering placements for PGCE student Irainees, those completing the Early Career Framework and the apprenticeship route lo QTS, as well as acting as an Independent Schools Teacher Induclion Panel (ISTIP) regional training cenlre for n&wly qualified teachers. The School is also one of six schools who have colleagues who plan and support the materials for the regional ISTIP group. Supporting those exploring leachiThJ careers. During 2023124, w8 offered guidance or opportunlties for lesson obseNations to five aspiring teachers. Sharlng expertise The School regularly shares the knowledge, skills. expertise and experlence of its members of staff wlth other educallonal providers, such as state schools. colleges, academies and universities, through Inltlatlves that have included the following.. The Norfolk Summer School is now into Its third decade and aims to give young people support and boost their confidence enough to encourage them to aim high as they enler Year 13 at their own schools. Page 4 KING EDWARD VI GRAMMAR SCHOOL, NORWICH REPORT OF THE TRUSTEE (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Thls year over seventy puplls from around Norfolk attended three intensSve days of small group seminars, lectures and visiting speakers offering ninely*ight seminar style sessions in nlneteen different subjects, includlng Maths, English, French, Science, Psychology and Medicine. Pupils were also offered interview practice, help with their personal statement and the chance to meet speakèrs from the UK'S top universities. Higher education support - the School continues to provide advice and support lo local state schools lo help Ihem prepare their A level pupils for entry to university, including offering appllcatlon support for Oxbridge candidates. delivering careers and university advice. and holding mock interviews. The Ogden Teaching Fellow works in partnership with k)cal schools and institutions 8nd national organisations, including teachers from Norfolk primary and secondary schools, Norwich Cathedral, the UEA. the Inslilute of Physics and Isaac Physics. undertaking outreach work that has an impact across the county. A number of local schools make use of Norwich School's examiners for GCSE and A-Level language oral examinallons, including Mandarin. Our Head15 a Govemor at Ormiston Victory'Academy. and five members of the School slafl slt on the governing boaTds ol local primary and secondary schools. offering expertise and advice on key issues, such as marketing, safeguarding and finance. These are voluntary positions and help to share best practice across the region. A furiher len members of staff acl as Irustees on the boards of local charities. The School works wlth the DfE funded organisation Inspiring Govemance to help insplre members of both the School and the local communily lo become school governors. Through the Swir8 Chinese Language Centre, the School acts as a hub in the region for t6aching Mandarin to children in Norfolk. As a result, over 1,000 Norfolk pupils have been taught Mandarin by NoFwlch School Mandarin teachers and over 2,400 hours of teachlng and learnlng have taken place In our Swire schools. Supportlng jolnt local Inltiatives The School is heavlly Involved in the organisation of a number of lolnl academlc end extra-curricular events that alm to boost learnlng opportunities for children across the region. These hav8 included: Muslc The annual B& A Chorist8rday is open to boys and girls aged 6-11 for a fun day of music-making, when children can enjoy singing together as a group. take part in musical fun and games and sing in Notwich Cathedral alongside our Calhedral choristers. For parents there Is the opportunily to find out about musical opportunitles at Norwich Cathedral and No￿lIch School, ask questions about what Is involved In the life of a chorister. hear about the new Cathedral Children's Choir and meet curient chorlsler parenls. Maklng Muslcians is a developmental arts enrichment programme for ex￿pIlOnaI musical talent, which organises the performance of concerts around the city and involves pupils from both local schools and Norwich Schcmjl. Choral Society, which is open to keen singers in the city of all ages and gives regular performances including an annual concert in St Andrews Hall with Norwich School's Chapel Choir. Acting as a delivery partner to Ihe Norwich Music Hub, including pupil involvement in Ihe Norfolk County Youlh Orchestra and other county ensembles and support of the Chamber Choir. Arts The Crypt Gallery hosts exhibitions during the yeai open to the publlc free of charge, partnering with the NUA, UEA, local state schools and charity inltlatlves in Ihe process. Page 5 KING EDWARD VI GRAMMAR SCHOOL, NORWICH REPORT OF THE TRUSTEE {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Sports Founder of Ihe Young Norfolk Sports Acadèmy providing expert supporl and education for the county's most promising athletes. Providing support for Ihe England Talenl Pathway and GB Rowing Start programme through the use of the School's Boat Club facilities. equipment. lowing and coaching. Hosling Ihe Marylebone Cricket Cub Norwich Hub- pupils from local sl8te schools regularly altend masterclasses and focus sessK)ns. An acad8my programme linked to and supported by Sussex County Cricket Club which alms lo provide a pathway for talented cricketers in the Easl Anglia area to be in Involved in an elite davelopment programme. Other events In the pasl year, pupils have spent approxlmalely 2,300 hours volunteering in their local communlly as part of the Community Service Prograrnme. The School has hosted a series ol interesting and informative leclures throughout the ypar on a wlde range of subjects in partnership with the Norfolk Conlemporary Arts Society. the Norfolk Cambrldge Society. and the Royal Geographical Society. The fourth Discover Your Ability Day was held in partnership with local award-winning charity Abl82B This event pairs children from mainstream and special needs schools for a day of sporting activity Puplls from Norwich School joined with Able2B children for a series of training sessions over the spring months and formed strategies for covering the course together. Over 100 children and young volunteers took part in the evenl, which sets out to ralse the confidence and selfthlief of dlsabled children and hlghlSght their indlvldual stsengths. The Conversation Café is a partnership between Nonvich Sd)ool and English+ which alms to help new arrivals in Norwich improve their spoken English with native speakers and Meets weekly al Ihe School Ihroughoul the year. Supported by L6 and U6 pupils. the café not only welcomes guests from Ukraine, but also Hong Kong, Japan, Chile, and Turkey, encouraging visitors to find out more about and discuss a rang8 of toplcs Including the delights of British cuisine and pub cullure, Ihe education system, and the election. Both the Chapel and the Air Raid Sheller were opened to the public as part of the long-standing nalional Heritage Open Day scheme. The Chapel was open for multiple drop.ins. whilsl the air raid shelter was open for eight sell-oul sessions for srnall groups of visilors. The Ihird Intergenerational Sports Day saw pupils from Norwich School, Ghost Hill Infant School and Framingham Earl High School joined by thirty residents from local care homes and famSlles from the charity's Little Vlsilors scheme in an afternoon of sports aclivitles. Team members ranglng In age from O to 90-years-old took part in an egg and spoon race, bean bag toss, relay, and skltlles game. To celebrate Global Intergeneralional Week 2024, L4 pupils also took part Sn an Intergeneratlonal Quiz with k)cal charity Friend in Deed, with five care homes parlicipaling. The Laurie Herring Prize, in memory of NoNiich School pupil Laurie Herring and run in partnershSp wilh St Martins Housing Trusl, invites 11 to 18-year-olds from any school in Norfolk to submit a critical review of something they have consumed. This year one hundred entries were received from five schools, winning high praise from the judges and the prize culminated in an inaugural celebration evening with guest speaker Jay Rayner. The School hosled the Norfolk Primary Maths Challenges for Year 3, 4, 5 and 6 pupils, welcoming top mathematicians from nineteen primary schools who competed against the other 300 pupSls in the room via a series of activities and games over four days. Pupils from U3 In the Lower School jolned with visiting Year 6 pupils from across Norfolk for their annual Book festival, where they listened to talks from three different authors. The festival was a celebralion of diversity and the power of storytelling. The Lower School hosted weekly 'Sensational Science, workshops for children from local prim8ry schools. Page 6 KING EDWARD VI GRAMMAR SCHOOL, NORWICH REPORT OF THE TRUSTEE (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Communlty access Norwich School Is very much part of the wider community and is happy to share its educalional facilities with the community where il is not to the delrimenl of Ihe education it offers lo its own pupils. The following local schools and organisations have used the School's facilities through the year: Norwich School is an Open Examination Centre oFien to home-educaled, mature, foreign, and other students to use its facilities for IGCSE. GCSE, GCE and university entrance examinations with over 200 candidates a year. The Crypt Gallery hosts exhibitions from local artlsts throughoul the year. The Norfolk Contemporary Arts Society, the Norfolk Cambridge Society, and the Royal Geographical Society hold lectures in the Blake Studio throughout the year. The School sponsors and hosts a number of events as part of the Hoslry Festival Friend In De&d worked with the School to hold their Intergenerational Sports Day at Daynes Sports Centre Discover Your Abilily hekd their annual event on the Lower School playing field. Community service Norwich School pupils take part in an exlenslve community service programme, with the aims of making meaningful contribution to the wider community and equipping pupils for a lifetime of leadership and seNice. This cornerstono of the Sixth Form curriculum continues lo go from strength to strength, with 147 pupils undertaking volunleering within Ihirly groups and fourteen external organisalions. Their combined efforts totalled over 2,300 houis spent in the communily at placements includlng vlsils by pupils to care homes, sailing trlps for refugees and asylum seekers with the Nancy Oldfield Trust and vislts to primary schools to support reading and engage pupils in language learnlng. Pupils also used the opportunity to develop important skllls which will benefit them in future,. including safeguarding Iraining, volunteer readers recelving tralning from Ihe Norfolk Reading Project and the newly formed Close Conversations podcast group recelving broadcast trainlng. Th8 Low8r School Service Award offers Lower School pupils the chance lo volunleer and take part In a personalised communily service programme, undertaking prolects of Iheir own choosing that have a positlve Impact on the local community. Pupil numbers and fees The principal source of the School's Income is school fees. The average number of puplls In Ihe School was 1,194 (2023- 1,196). School fees for the year before the deduction of any means-tested bursaries and scholarships were: Per annum Per term Lower School (Reception to Year 2) £13,548 £4.516 Lower School (Year 3 to Year 6) £18,207 £6.069 Senior School (Year 710 Year 13) £19.977 £6,659 Page 7 KING EDWARD VI GRAMMAR SCHOOL, NORWICH REPORT OF THE TRUSTEE (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Academlc There was a slrong set of A Level Tesults this year. The cohort of 167 candidates achieved a 1 OOO/D pass rate, with over 200/0 receiving an A., over 50% A'.A, over 750/0 A"-B and over 900/0 A'.C. Oulslanding individual performances included six candidates with 4 A. seventeen candidates with 3A' or more, and 54 candidates wilh three As or more. From Ihe cohort of 138 candldales at GCSE, 27°/ts achieved a grade 9, 47% achievad grades 9-8 (A.), 70Qk achieved grades 9-7 {A'_A), 85QA achieved grades 9-6 (A'.B) and 99% achieved overall pass-rate (grades 9-4). Oulslanding individual performances included three candidates wilh eleven 9 grades or better, nina candidates with ten 9 grades or better. and thirty-two candidates with at least nine 8 or 9 grad8S. It has been a successful year for Maths In the Senior School, culmlnatlng in four NofwSch School MathematScians achlevlng first place out of thirteen competing sthools at the UKMT, where team Maths challenges glve pupils the opportunity to tackle a variety of engaglng mathematical activities while developlng teamwork and communication skills. Twenty-nine Chemists from L6 and U6 received awards in the Royal Society of Chemistry's annual Olympiad competition, our highest ever total, with one pupil receiving a presliglous gold medal. Additionally. various L6 pupils partook in Ihe Royal Society of Chemistry's Young Analyst Compelilion, displaying great skill and prof8ssionallsm. In addition, Norwich School performed excellently In the British Physics Olympiad wlh pupils from U4 to U6 achieving various awards. The School has tsio academic socleties: the Erpingharn Socrety for pupils from M5 to U6. and the Ethelbert Society for puplls from L410 L5. They enable puplls to hear presentations and hold interdisciplinary dlscussions on a diverse range of topics, coverlng a wide range of subjects Includlng electoral reform, Egyplom8nla, the Impact of depression on cardlac health, Al, the stctk markel, endangered languages, and cheese. Both socielies produce an annual joumal, The Longbow and The Arrow. The desire to slrfve in the Sixth Fomi led to the creatlon of Notwich Schc()I's flrst-ever geopolitiC81 discussion forum Ihe Wellinglon Society. This pupil-led society aims lo engage those in US and above with current geopolitical issues. The society is buill upon Ihe foundations that a competent knowledge and understanding of these issues will prepare us to make more sense of the constantly changing world in which we Ilve. Whelh8r that be Russlalukraino or conflicts in the Middle Eas( the society all0v￿ for pupils to take a deeper dive Into the story behind the headlines. The Independent Project remains an important component of the Sixth Form curriculum at Norwlch School, with all L6 pupils completing an extended academic study or creative project in a toplc or medium of thelr cholce. This gives Ihem the opportunily to defve deeply into interests beyond the classroom, and to bulld self- motivation and time-management skills that will be valuable in higher education and employment. The bfeadlh and variety of Ihe projects that the pupils pursued was impressive, with topics spanning the crealive arts and humanities, as well as Ihe social and physical sciencas. The presentation evening in October saw twenly-lhree pupils deliver talks on subjects as varled as free will, dentistry, East Germany, recycling and whether there might be life on the moon, leading to lively questions and discussions from the audier)ce. The School's debating teams conlinued lo buikj on last yearfs successes, with four teams attending the historic Cambridge Union for the Eastern regional round of Ihe Cambridge Schools Debating Competilion. All the teams finished in the top third of Ihe competition and one team achieved second place overall out of fifly-slx teams and were able to progress to the finals. Seventeen pupils from L6 and U5 represented Norwich School in the Independent Schools Mock Law competition. marking our sixth year of participation and the most successful lo date. After four months of preparing both the prosecution and defence argumenis for Iwo fictional eases, the Norwich School team emerged victorious, securing a spot in the national final al the prestigious Old Bailey in JLtne. The final was further enriched by visits to the Middle Temple and the Royal Courts of Justice, offering pupils an invaluable opportunity lo fully immerse themselves in the legal world. Page 8 KING EDWARD VI GRAMMAR SCHOOL, NORWICH REPORT OF THE TRUSTEE (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Competing against other regional wnners at the Old Bailey. the team performed before Hlgh Court Judges, achieving an impresslve third place nationally. The increasing popularily of our Business Breakfast sessions in 202314 Sh(w￿ Ihal our young people want to invest in themselves and prepare for their futures beyond Norwich sch￿1. Pupils can self-select to attend Ihese informal information armd advice sessions before the school day begins. learning from visiting professionals aboul their roles, pathways lo qualification, opportunities, and challenges. and ask searching questions of our guests. Engineers. markeliro and arts management specialists. solicitors, a cyber security guru and many more offered real insights into their industries during the year and pupils experienced engineering quizzes. a presentation of architectural highlighis across the wortd. thoughts about the rise of influencers in marketing. and much more. The annual Careers and Ne￿OrkIng Event played host to a diverse guest list. with industries from Acoustics Consultancy to Velerinaiy Medicine represented. This provides an important opportunity for pupils to meet wlth professionals oulside of Ihe School and their immediate circles, providing invaluable 'real-world' advice lo h8lp wlth effective career or next steps plannlng. For the eighth yaar, Norwlch School hosted the world's only stand-alone Model Arctlc Councll for schools, the NO￿lCh Model Arctic Councll (NORMAC). in collaboralion with Polar Aspect. NORMAC 8 involved over flfly pupils from five schools in Spaln and the UK, all coming together for this unique and innovative slmulalion of the real-world Arctlc Council whlch is dedicated to international cooperation in the Arclic. All declslons are taken by consensus, so delegates galn valuable skills in finding common solutions lo controversial issues. NORMAC 8 involved three days of intense diplomacy and glittering social events, including a formal dinner Sn the elegant surrounds of the Assembly House and delegates were successful in reaching diplomatic consensus on the issues of Marine Protected Areas and food security In the Arctic. In Its ninth year, the Model UN held weekly diplomatic simulations, as well as new-member training and sent . delegations to three conferences.. Wycombe Model UN {WASAMUN). Wycombe Model Arctlc Councll (WYCOMAC) and Haileybury Model UN (HMUN). Model diplomacy involves researching and underslanding controverslal global issues and playing the role of diplomat by building common approaches with othftrs who may disagree. One pupll In parllcular was recognised for his outstanding perfomiance to the WASAMUN Security Council. Art & Deslgn Over the year Flne Art puplls have produced a vast range of creative work. L4 developed Iheir drawing skills through still life studles. whilsl Upper 4 contlnued to produ￿ a range of creatrve pieces Insplred by portraiture and everyday objects. L5 puplls enjoyed a ten-week project to produ￿ original abstract mlxed medla co118ge work and illustraled hybrid characters. enhanced by visits to the Norbwch Castle Museum and figure drawing from life. At exam level the work of GCSE pupils was Gelebrated wtth an end of year exhibltion in the Sixth Form studios withln the Carter building and visitors were amazed at. the standard Snd range of works frorn impressNe paintings, drawings. and ceramics. Both U5 and U6 gained inspiration from the V&A and Tale Britain, stimulating ideas for exam projecls, whilst L6 enjoyed visiting Ihe Sainsbury Centre for Visual Arts, which inspired some fabulous painting and fun sculpture work. Al the end of the year the work of U6 pupils ¥vas showcased at an exhibition in the Forum In central Norwich. 2D pupils continue to excel In very different approaches across the specialism. P.holographic pupils have made the most of Ihe professional Ilghllng sludlos to complele photoshoots of slunning quallty, and fllm and animation work has also heavlly featured thls year. Image manlpulalion is reaching a new level of creativlty, whilst many other pupils have conlinued lo push the boundaries of the risograph printer, working with textiles and embroidery techniques to produce installations for pholography and a range of branding for l-shirfs, ceramics. and fashion-based items for graphics. One graphic designer produced a significant body of work that incorporated archileclural themes and ullimalely led lo her gaining a place at Cambridge Universily lo study Architecture. Page 9 KING EDWARD VI GRAMMAR SCHOOL, NORWICH REPORT OF THE TRUSTEE {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 We have continued to enrich Art and Design pupil experiences with trips lo the coasl, Cambridge, London and visils to the cinema and theatre. M5 and L6 both had interim exhibitions of their southV￿ld work and album cover designs. 3D Deslgn conlinues to grow with a wide range of work arKI disciplines being explored by Ihe pupils across all years, from architecture lo lighting design, public fumiture to jewellery, constructed textiles, fashion design, body adornment and craft. Pupil work is underpinned by thoughtful research and creatlve inquiry, supported by hSgh levels of invention and skilful manipulalion of materials. Pupils work wilh a combination of traditional hand tools alongside innovalive digital technology. Whilst laser cutters. CNC milling machines and digital embroidery machines are used daily. equal importance and time is given to the j&w8llery benches, the casting and solderlng bay and the wood and metalwork areas. In an ever more digltal age, It Is fantastic to see pupils value craftmanshlp whilst appreclating some of tlme savlng benefrts CADICAM brings. The L6 fashion project was the largesl and most ambitious yet arKI was showcased in a line at the Gather24 Fashion Show. In addition. pupils were involved in a range of curriculum support actlvlties. including trips to Collec124, the international fair for conlemporary craft and design at Somersel House, and regular atlendance at Norfolk Contemporary Arts Society talks. Workshops with industry prolessionals gave pupils new insights and skills, and live briefs as part of our curriculum have givan real world experience of working with clients and seelng designs through from conception lo professional manufacture. Co-currlcular a¢tlvltles Norwlch School pupils have been Involved In a wide range of contribution level (to be reviewed following next valuation) Continue io monitor cashflow and wntingent funds to ensure ongoing dellvery of overall straleglc flnancial Imperatives. Complelion of the Lower School Capital Developrnenl Project in April 2024 with completion of the new entrance durlng Summer 2025. Completion of Phase 2 of works to15 Upper King Streel to provide Lower Ground FlcK)r Catering and ancillary facilities by Easter 2025, with Phase 3 weeks (Top Floor including Terrace) lo follow during the 2025 summer holidays. Continuing focus of Estates department to develop and enhan￿ sile (teachlng and operational areas), safety and compliance. including appropriale Fire Safely upgrades where necessary. Continuing focus of IT department to drive improvement, particularly in respect of teaching and learnlng plalforms, process efficiency. cyber and data security and the use of SharePoinl and ISAMS. Continued invostmenl in Schod transpori fleet. Continuing refurbishment and renewal of parts of Bishop's Palace. Horsefair House and the Daynes Sports Centre. Page 16 KING EDWARD VI GRAMMAR SCHOOL, NORWICH REPORT OF THE TRUSTEE (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Partnerships To refresh and updale our annual record of Partnerships work wlthln the community and combine thls with reporting for our Bursarial offer to create an "Impact Report" which covers bolh areas. To continue with our annual Partnetships large-scale events IMathslEnglish Symposium, Maths Quizzes etc.) but seek ways lo make these more cost neutral or find funding from oulside partners, Continue to consolidate exisling partnerships and lo keep looking for new areas of collaboration. Taking a "priorilise and prune" view to ovaluale those which have biggest impact and are most cost-8ffective. To keep looking at our Impact assessment process, learning from olhers such as RGS Newcastle and York and using tools which are currentty in development from the Schools Partnerships Alliance, To continue our use of metrics to assess financial and in-kind costs of partnership work, Further our dlsseminalion of WoLLoW within East Anglia including organlsing more conferences and visits to our school and others. Explore 'funded leacherf, models such as Ogden, SvAre, HG Foundatlon {Computer Science) and England Rugby coaching to create Partnerships teacher roles managed by Ihe School but part-funded by exlernal organisations. Alumnl and other stakeholders Fost8ring a strong and positive sense of communily from the diff8r8nt extornal constituencies that support the School's aims and ethos and ensuring Iheir voice is heard Continued active campaigning to raise meaningful funds for means-lested bursaries, with an ambillous target of generaling five new, additional bursary awards annually comprising th8 Norfolk Slxth Form Scholarship scheme {hlgh value fee remission plus a scholarship in one of five key dlsclplines) Continued support for other school initiatives, ralslng funds for: capital projects,. for sponsorship., for prizes; for flagshlp public benefit and partnership initiatlves., for legacles strenglhening, d6epening, and broadening links with our slzeable alumni body, with particular focu8 on ne￿orking and careers ambassadorship as well as on a positive and inclusive engagemenl programme Continued development of the valuable Sinks with our parenial body and parents of Old Norvicensians as part of Ihe active Friends of NoN4ich School charily high quality and culturally enriching engagement through an impressive series of Ensuring public lectur&s hosted al the School site (as the host of the Norfolk Cambridge Society, Royal Geographical Socialy of the East of England. and the Norfolk Conternporary Arts Society). suitable for both younger and older audiences Publlc beneflt The Council of Management has given due regard to the Charitls Commlsslon's guidance on public benefit and in furtherance of these aims, the Council, as the Charily Iruslees. have complied wilh the duty in s.17 of the Chari1Ses Act 2011 to have due regard lo the Charity Commission's published general and relevant sub-seclor guidance concerning the operation of the public benefil requiremont under Ihal Act. Norwtch School provldes, a significanl benefit to the publlc by providing a firsl-class education. independent of the Stale System, for 1,194 pupils (2022-23- 1,196). Indirectly, the School provides additional public beneflt through th& employment of 336 (2023: 313) staff. supporting Ihe Ic&31 economy and wider supply chains, and through Ihe dedicated stewardship of an historic estate located in and around the Cathedral Close. The School strives to ensure that measures of public benefit are appropriate. and that significant sections of the public are not excluded from the opportunity to benefit from the education and faalities offered due lo the need to pay a fee. In addlllon to significant provision of bursaries and other forms of means-tesled financlal suppori, the School provides a wide range ol opportunib'es for communily benefit and facilities, and events are often open to all. Page 17 KING EDWARD VI GRAMMAR SCHOOL, NORWICH REPORT OF THE TRUSTEE (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The School Is dedicated to provlding a first-dass educatlon to all children seeklng such an education irrespective of their family circumstances or background. Nor4vich School continues lo atiract positive young people who r81ish learning and vtho are willing lo contribute to the broader aspecls of School life.. whether in music, drama, sport, debating, clubs. societies, Sea Scouts, Ihe Duke of Edinburgh's Award, charilable fundraising, community seNicè or the many other activities that they encounter here. We select on academic potèntial. allitude, and alkround ability. Norwich School is committed lo safeguarding and promoling the welfare of all our pupils, irrespeclive of Ihelr background. The last educational ISI (Independent Schcrf)Is Inspectorate) inspection noted the School's tutorial system offered pupils "very good pastoral care, which is valued by pupils" and that "Ihe School is a friendly, welcoming community characterised by very good relationships between pupils of all ages and belween pupils and staff.. Flnancial revlew Total income amounted to £26,723k (2023: £24,988k) and after Incurring expenditure of £25,686k (2023,, £23,484k). nel income before other recognised gains and losses amounted lo £1,169k (2023: £1,461 k). This is slated after nel gains on investments of£132k {2023'. net losses of £43k). Afier actuarial losses on the defined benefit pension scheme of £111k (2023. actuarial losses of £99k). the net increase in funds amounted to £1,058k12023.' £1.362k). Prlnclpal fundlng sources The principal source of the School's income comes from school fees. The average number of puplls In the School was 1,194 (2023.. 1,196). Flxed assets In order to malnlain and develop the educatlonal provision, the School continues lo undertake a carefully planned programme of fixed assel Investments. In the year to 31 August 2024, additions amounted to £3,42Dk (2023: £1,355k). The most signlficant inveslments investments included works lo the Lower School, the Bishops Palace. Redmayne sporis field, an extensive programma of IT Investment and the purchase of tsvo new coaches. Investment powers The trustee Is empowered to invest funds In a manner approprlate lo the financial requlrements of the School, havlng regard to the security of any investments made and the requirements of the Charity Commission's order. Investment policy The investments are managed on a discretionary basis by Barratt & Cooke Limited, stockbrokers. The funds are invested wilh.the objective of creating a balance between income generation and preservalion of capital in real terms. Reserves pollcy Note 22 of the financial slatements sets out an analysis of the assets and liabllilies attributable to the various funds. The Councll of Management considers that these assets are sufficient to meet the charity's obllgatlons on a fund-by-fund basis. Other than freehold investmenl properlies, vthich are held as an investment lo produce income and capital growth, Ihe School's tangible assets are held for use by the School. Taking one year wilh another, the Council of ManagBment plans to spend any suiplus within the unrestricted fund on improvements to the School. Page 18 KING EDWARD VI GRAMMAR SCHOOL, NORWICH REPORT OF THE TRUSTEE {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Free reserves of the School are defined as those unrestricted funds, excluding designated funds, which are freely expendable. At presènt Ihe School's free reserves, being group nel assets excluding fixed assets and investment properties within the general funds. amount to free reserves of £43k {2023.. £2.767k), The designated fund sel out in note 21 corresponds to the capital expenditure approved and committed at the Balance Sheet date. These commitments are in addition to the fixed asset additions including projects in progress at 31 August 2024 amounting to £3,420k as sel out in fixed assets (note 10). Structure, governance and management Governing documenl King Edward Vl Grammar School, Nothich was regislered as a charlty on 25 May 1966. Pursuant to a scheme dated 7 September 1994 and approved by the Charity Commlssion, the charity is administered by a cornpany limited by guarantee known as Nowich School {company number 02940688). The land, assets and undertaking of the charity were vested in the company on 1 September 1994. Governor recruitment, nominatlon and appolntment process The Council of Management consists of six repres8nlative governors and up to 19 co-opted governors, The representative governors are nominated by the Worshipful Company of Dyers, Ch8Pter of the Cathedral Church of Norwich, and the Senate of the University of East Anglia. The Nomination Committee meets annually lo review th8 skills portfolio of exisling members of Ihe Council and determines any pot8nlial gaps or imbalance. Governors may Identify indiv.Iduals who may be inlerested in becoming ? co-opted governor or may flll a sklll gap In the Council. The School welcomes individuals to approach the Chairman directly or via the Clerk of Governors expressing an interest in becoming a governor. The Chairman will meet with potential candidates and, in conjunction with the Vice-chairman and the Head, review their suilability before putting all of the names forward for discussion at the next Nomination Committee. The Nomination Commitlee nominates suitable candidates to the Council of Management when a governor vacancy arises for the Council's review and appointment. Councll of Management Inductlon and tralning On appointment to the Council of Management. membèrs are provided with; The Scheme of the Commissioners and the Memorandum and Articles of the trustee company The latest accounts of the charity and are encouraged to read Charity Commission guidance nole CC3 - 'The Essentlal Trustee.. What you need lo know, what you need to. do" In addition, new members are provided wlth delailed Information about the School and encouraged to read Charily Commission and other newsletters and lo attend courses designed to keep them abreast of their dulles and responsibilities. Risk management The Trustees are responsible for the management of the risks faced by the School. Risks are identified and assessed, and controls established throughout the year. A formal Business Risk Model (risk register) is in place and is reviewed and updated on a regular basis by the Senior Leadership Team, various Committees (including the Executive Committee) and the Council of Management. Page 19 KING EDWARD VI GRAMMAR SCHOOL, NORWICH REPORT OF THE TRUSTEE (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Ongolng rlsk management The principal risks and uncertainties identlfied in the Trust's Business Risk Model include: Recruiting sufficient able puplls into the School each year in order ID maintain the pupil roll and therefore fee income in line with forecast. Maintaining tuition fees al an affordable level. whilst meeting rlsing costs including p8nsion conlributions for teaching staff. repaying the bank loan. and complying with the bank covenants, and conts'nuing lo invest in the f2cililies available to pupils. To manage the health 8nd safety risks. The need to continue lo recruit top qualily staff remains a high priority. The Trustees remaln vlgllant with regards to child welfarè. External financial risks are kept under review by Ihe Trustees Includlng the polential foi changes to lax legislation or changes to the treatment of charilies, inflationary pressures, changes to Interest rates and other macroeconomic faclors, including commodity and utilities shortages as a result of the war in Ukraine and the ongoing impact of Covid-19 on global supply-chains. Key controls used by the charity include: Formal agendas for all Commitlee, Sub Committee and Board activity. Detailed terms of reference for 8oaTd Committees and Sub Committees. Comprehensive strategic planning. budgeting, and management accounting. Established organisational structures and lines of reporting. Formal writlen pollcles. Clear aulhorisation and approval levels. Velting procedures as required by law for the protection of the vulnerable. Through the Business risk management processes established for the Trust. the Trustees are satisfied that Ihe major risks identified have bccn 8dequalely mitigated where necessary. 11 15 recognised that systems can only provide reasonable but nol absolute assurancc that major risks have been adequately rnanaged. Organlsatlonal structure The Councll of Management meet a minimum of three times annually, including at le88t one meeting per term. The Executive SU￿Committee, consisting of six Council members, meets more fr8quenlly to monitor the financlal managemenl and development of the School. In addition, olher more speciallst Subcommittees meel to consider current issues and strategy with a vlew to submltling recommendations to the Executive Sub- CommStlee and to the Council of Management as a whole. The Council of Managernenl and tts ExecutFve SU￿CommIttee sel out Ihe general policy of the School. The day-to-day affairs of the Schwl are run by the Head and the Bursar. Settlng of pay The Remuneration Commlltee has the membership of a minimum of thiee govemors and meets once a year normally in the Lent Term to review the performance of the Senior Management Team including the Head and the Bursar and their pay for the next academic year. The Committee sels any pay increased to be awarded to each memb8r of Ihe Senior Management Team. Page 20 KING EDWARD VI GRAMMAR SCHOOL, NORWICH REPORT OF THE TRUSTEE {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Related partles Th8 assets and Ilabililies of Ihe School are vested in a company limited by guarantee known as Norwlch School. whlch acts as a bare trustee for the Schi)ol. Th8 School owns the entire issued share capital (being two £1 ordinary shares) of Norwich School Enlerprises Limited. which was incorporated on 1 April 1998. The School rents the majority of its properties from the Chapter of Norwich Cathedral, which was represented on the Council of Management during the y&ar by The Very Reverend Dr A Braddock and The Reverend Canon A Platten, The Chapler of Norwich Cathedral's subsidiary company. Norwich Cathedral Enterprises Llmited, also provided catering services lo the School during the year. Ms D G M Jarrold, member of th6 Councll of Management, Is a dlrector of Jarrold and Sons Llmlted. Th8 School made purchases from and sales to the company in the year. and al the year end, some amounts were owed lo the School in relalion to sales. Mr J M Hunter. member of the Councll of Management, is a.member of Mills and Reeve LLP, which provided legal services to the School during the year. The School also had sales lo Mills and Reeve LLP. Al year end some arnounts were due to the company, and some amounts W8re owed to the School. Mr Hunter is also a non-ex&cutive director of Barratt & Ccoke Limited. which provided Investment management services to the School during the year. Mrs A Sarkar Roy, member of the Council of Management. is a Non-Execulive Trustee of 8th Norwlch Sea Scouts. The School made purchases from and sa5es to thls charity during the year, arKJ al the year end, some 8mounls were owed to the School in relation to the sales. Mr N Q Back, member of the Council of Management, is the Chair of th8 Norfolk Club, which Ihe School pays to make use of its gym facilitl8S. Mr D Talbot, member of the Council of Management, Ss a Trustee of the Norfolk Broads Yacht Club. The School made purchases from the Yacht Club during the year. Dr A C Wood. member of the Council of Management, Is a Council Member of the University of East Anglia. The School made purchases from UEA during the year. Four members of the Councll of Management. Mr J M Hunler. The Reverend Canon A Platten, Mrs A Sarkar Roy, and Dr A C Wood, have chlldren or grandchildren at the School. Fees paid by these members are al the same rates applicable lo all pupils, One member is In receipt of means-tested assistance. Except where shown in note 9 and note 20 to the financial statements. no director has any financial interest in, or receives any remuneratlon from either the trustee company or the School. Page 21 KING EDWARD VI GRAMMAR SCHOOL, NORWICH REPORT OF THE TRUSTEE (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Other r8lationshlps The Head is a member of the Headmasters, and Mistresses, conference (HMC), which is an opportunity to share oxpertise, knowledge and experience across the irmlependenl school sector. The Conference a150 permits appropriate fepresentation to Govemment and regulalors of the views of the sector, The Bursai is a member ofthe Independent Schools Bursars Associalion (ISBA) and varlous professional bodies. The Head of the Lower School is a member of the Independenl Association of Prep Schools (IAPS). IAPS is the professional association for Headmasters, and Mistresses. of Ihe leading independent prep schools in the UK and worldwide. FundraSslng standards Fundraislng activities at the School aTe carrled out by its own staff in the Development Office and are not outsourced to professional fundraisers. Its activilles are closely and regularly monitored by the D8velopment Commltlee, a sub-committee of the Councll of Management. It also follows the Instilute of Fundraising guidelines for dealing with vulnerable people. King Edward Vl Grammar School, Norwich is regislered with the Fundraising Regulator and is committed to folb)wing the Code of Fundraising Practice and the Fundraising Promise. There have been no complaints aboul fundraising activity this year. Statemen( of Responsibilits'es of the Council of Management The Council of Management are responsible for preparing the Report and the Report of the Trustee and the financial statements in accordance with applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charltles In England & Wales requlres Ihe Councll of Management lo prepare flnancial statements for each financlal year vthich give a true and fair vlew of the state of affairs of the Group and the Charily and ol their incoming resources and application of resources, Including thelr income and expenditure, for that period. In preparing these financial slatements, the Council of Management are required to: Select sullable accountlng policies and then apply them consistenuy; Observe Ihe melhods and principles of the Charities SORP (FRS 102). Make judgments and accounting estimates that are reasonable and prud&nt', State whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in tho financlal stalemenls; Prepare the financial stalemonts on the going concern basls unless it is inappropriatg to presume that the Group wlll continue in business. The Council of Management are responslble for keeplng adequate accounts'ng records that are sufficlent to show and explain the Group and the Charity's transadions and disclose with reasonable accuracy at any lime the financial position of the Group and the Charity and enable them to ensure Ihal the financial statements comply wilh Ihe Charities AGI 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trusl deed. They are also fesponsible for safeguarding the assets of the Group and Ihe Charity and hence for taking reasonable steps for th8 prevention and delection of fraud and other irreoularlties. Council of Management All members held office throughout the year and up to the date of this report, with the exception of the followlng members who resigned during the year.. Mr P J E Smilh (resigned 28 June 2024), and Mr J M Holme (resigned 8 December 2023), and, the following member who was appolnted during the year.. Mr R S Moncrief (appointed 22 March 2024). Page 22 KING EDWARD VI GRAMMAR SCHOOL, NORWICH REPORT OF THE TRUSTEE {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Disclosure of informalion 10 8udilors Each of the persons who are memb8rs of the Council of Managem8nt at the time when this Reporl of the Trustee is approved has confirmed that.. So far as that member is aware. there is no relevant audit information of which the Charitabl8 Group's auditors are unaware, and Thal member has laken all ihe steps that OLNJht to hav8 been iaken as a member In order to be aware of any relevant audlt Information and to establish that the Charitable Group's audltors are aware of that information. Audltors The auditors, Laiklng (>)wen LLP, have Indicated thelr wllllngness to conlinue In offlce. The designated members of the Council of Management wll prowse a motion reappointing the audilors at a meeting ol th8 members of the Council of Management. S D A Griff ilhs On behalf of the Trustees Date.. 22/01/2025 Page 23 KING EDWARD VI GRAMMAR SCHOOL, NORWICH INDEPENDENT AUDITORS, REPORT TO THE TRUSTEE OF KING EDWARD VI GRAMMAR SCHOOL, NORWICH Opinion We have audlted the financial statements of King Edward Vl Grammar School. Norwich (the 'parent Charity,) and its subsldiary (the 'Group') for the year ended 31 August 2024 which comprise the Consolidated Statement of Financial Activities. the Consolidated Balance Sheet. the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes. including a summary of significant accounting policies. The financial reporting framework that has been applied in their p￿para￿'on Is applicable law and Uniled Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice). The financial statements have been prepared in accordance with Accounting and Reporting by Charities pieparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preferenco to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. Thls has been done in order for the accounts to wovlde a Inje and fair vlew In accordance with Ihe Generally Accepted Accounting Practice effective for reportlng periods beginning on or 9fler 1 January 2015.. In our opinion the financial slalements: give a Irue and fair view of Ihe slate of the Group's and of the parent Charitys affairs as at 31 August 2024 and of Ihe Group's incoming resources and application of resources, Including ils Income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounling Pr8Ctice- and have been prepared In accordance with the requlrements of the Charities Act 2011. Bas18 for oplnlon We conducted our audit in accordance with Intemational Slandards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standaids are further descrlbed in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the 8thical requirements thal are relevant to ¢)ur audit of Ihe financial slalemenls in the United Kingdom. including the Financial Reporting Council's Ethical Standard, and have fulfilled our other ethlcal responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained Is sufficient and appropriate to provide a basis f(Y our opinion. Concluslons relatlng to golng concern In audiling th8 financial statements. we have concluded ihal Ihe Trustee's use of the golng concern basis of accounting in the preparalion of the financial statements is appropriate. 8ased on the work we have perfomied, have not idenbfied any material uncertainlies relating lo events or conditions that. individually or collectively. may cast significant doubt on Ihe Group's or the par8nl charity's ability lo conlinue as a going concem for a period of al le85t twelve months from when the fInan￿al statements are authorised for issue. Our responsibillties and the responsibilities of the Truslee wth respect lo golng concern are describ8d in the relevant sections of this report. Page 24 KING EDWARD VI GRAMMAR SCHOOL, NORWICH INDEPENDENT AUDITORS. REPORT TO THE TRUSTEE OF KING EDWARD VI GRAMMAR SCHOOL, NORWICH (CONTINUED) Other information The other infomiation comprises the information included in the Annual Report other than the financial 51alements and our Auditors. Report thereon. The Trustee a￿ responsIb￿ for the other infomation contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the exlent Othe￿ISe explicilly stated in our report, we do nol express any form of assuran conclusion thereon. Our responsibilily is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial slatemenls or our knowledge obtained in the cour8e of the audit, or olheNise appears to be materially misslated. If we idenlify such material inconsislenci8S or apparent material misslatements, we are required to determine whether this gives rise lo a material mlsstatement in the financial statements themselves. If, bas8d on the work we have performed. wa conclude thal there is a material misstatement of thls olher information, we are required to reporl Ihat facl. We hava nothing to r&port In thls regard. Matters on whlch we are requlred to report by exceptlon We have nothlng to report In respect of the following matters where the Charitles (Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinion: the information given In the Trustee's Report of the Truslee is Inconsistent in any material respect with the flnancial slalemenis,, or the parenl Charity has not kept sufficient accounting records.. or the parent Charity financial statements are not in agreemenl with the accountlng records and returns., or we have nol received all th& information and explanations we require for our audit. Responsibilities of the Trustèe As explained more fully In the Statement of Responsibilities of the Council of Management. the Trustee is responsible for the preparation of the financial statements which give 8 true and fair view, and for such internal control as the Trustee detèrmine is necessary to enable the preparalitin of financial statements that ar8 free from material misstatement, whether due to fraud or error. In preparlng the financlal statements. the Trustee are responslble for assessing the Group's and the parent Charity's ability lo contlnue as a golng concern, discloslng, as applicable. matters related to golng concern and using the going con￿rn basis of accountiro unless the Trustee ellher intend to Ilquldate the Group or the parenl Charity or to Cease operations, or have no realistic allernaiive bul to do so. Page 25 KING EDWARD VI GRAMMAR SCHOOL, NORWICH INDEPENDENT AUDITORS, REPORTTO THE TRUSTEE OF KING EDWARD VI GRAMMAR SCHOOL, NORWICH (CONTINUED) Auditors, responsibilitles for the audit of the financial stalements We have been appointed as auditor under section 151 of Ihe Charities Act 2011 and report In accordance with the Acl and relevant regulations made or havlng effect thereurider. Our objectlves are to oblain reasonable assurance about whether the financial staternents as a whole are free from material misstatemenl, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misslalement when it exists. Misstatements can arlse from fraud or error and are considered material if, individually or in Ihe aggregate, Ihey could reasonably be expected lo influence the economic decisions ol users taken on the basis of thes8 financial st8tement8. Irregularities, induding fraud, are Instances of non-compliance wilh lav￿ and r8gulations. We design procedures in line with our responsibilities, outlined above, to detect material misslatemenls in rospecl of I￿egular1tie$, including fraud. The 8Xtent to which our proceduT8S are capable of detecting irregularities, includlng fraud Is detailed bek)w'. Our approach to idenllfylng and 8ssesslng the rlsk of material mlsstatemenl in respect of irregularities, induding fraud and non-compliance with laws and regulalions, Included the folb)wing: Enqulries with management, the bursar and the Council of Management about any known or suspected instances of non-compliance with laws and regulations, accidents in Ihe workplace. safeguarding breeches, data breaches. polential litigation or claims and fraud., Reviewing legal and professional fees to confirm matters where the Company engaged lawyers during th8 year., Reviewlng financial statement disclosures and testlng to supporting documentation to assess compliance with applicable laws and regulations; Reviewing meeting minutes of executlve, development and education committees, Councll of Management meeting mlnutes and any relevanl Corresponden￿ with external authoritles. includlng regulators., Challenging assumptions and judgements made by management in their signlficanl accounting estimates, pariicularly around the acluarial assumplions used lo estimate the defined benefit pension scheme; and Auditing the risk of management override of controls, including through tesling journal entries and olher adjustments for approprialeness and evalualing the business ratlonale of any significant transactions outside the normal course of business. Due lo the inherent limitations of an audit. theTr Is a iisk that we will not detect all irregularities, including Ihose leading to a material misslatement in the financial statements or non-compliance with regulation, This risk increases tha more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely lo become aware of instances of non-compliance. The rlsk Is also greater regardlng Irregularitles occurrTng due to fraud rather than error. as fraud Involves inlentlonal concealment, forgery, collusion, omission or misrepresenlalion. A further descrlption of our responsibllllies for the audlt of Ihe financial statements is located on the Flnancial Reporting Council's website at: vMw.frc.or .uklauditorsres onsibilities. This description forms part of our Auditors. Report. Page 26 KING EDWARD VI GRAMMAR SCHOOL, NORWICH INDEPENDENT AUDITORS, REPORT TO THE TRUSTEE OF KING EDWARD VI GRAMMAR SCHOOL, NORWICH (CONTINUED) Use of our report This report is made solely to the Charity's Truslee. as a body, in accordance with Parl 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to Ihe Charity's Trustee those matter5 we are requlred to state to them in an Auditors, Report and for no other purpose. To Ihe fullest extent permltled by law. we do not accept or assume responsibility lo anyone other than the Charity and ils Trustee, as a body, for our audit work, for this report, or for the opinions we have formed. Larklng Gowen LLP Chartered Accountants Statutory Auditors 1st Floor, Prospect House Rouen Road Norwich NR11RE Date: 23 January 2025 Larking Gowen LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 27 KING EDWARD VI GRAMMAR SCHOOL, NORWICH CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted funds 2024 £000 Restricted Endowment funds funds 2024 2024 £ooD £000 Total funds 2024 £000 Tot81 funds 2023 Note Income and endowments from". Donations and legacies Charitable activities Inveslments 780 780 25,357 586 719 23,930 339 25,357 556 30 Total Income and endowments 25,913 810 26,723 24,988 Expendlture on: Charitable activities 25,127 559 25,686 23,484 Total expenditure 25,127 559 25,686 23,484 Nel gainsl{losses) on Investments Net movement In funds before other recognlsed galnsl(105ses) 39 132 (43) 825 1,169 1,461 Other recognlsed losses: Actuarial losses on defined benefit penslon schemes 18 (111) {111) (99) Net movement Sn fund8 714 1,058 1,362 Reconclllatlon of funds: Total funds brought fo￿ard Net movemenl in funds- 16,623 714 2,498 3,273 22,394 1,058 21,032 1,362 Total funds carried forward 17.337 2,B42 3,273 23,452 22.394 The Consolidated Slalement of Finan￿al Activities indudes all gains and losses recognised in the year. The notes on pages. 34 to 63 form part of these financial statemenls. Page 28 KING EDWARD VI GRAMMAR SCHOOL, NORWICH CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2024 2024 £000 2023 £000 Note Flxed assets Tangible assets Investments Inv8Stmeni property 10 12 11 17,004 1,881 730 14,719 1. 735 730 19,615 17,184 Current assets stocks 32 1.261 11.542 21 1.146 9.774 Deblors C8sh at bank and In hand 13 12,835 10.941 Creditors: amounts falling du8 Within one year 14 (7.009) (4,998) Net current assets 5,826 5,943 Total assets less current liabllilles 25,441 23,127 Creditors.. amounts falling due afler more than one year 15 {1,989) (733) Tolal nel assets 23,452 22.394 Page 29 KING EDWARD VI GRAMMAR SCHOOL, NORWICH CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2024 2024 £000 2023 £000 Note Charity funds Endowment funds 21 3,273 2,842 17,337 3,273 2,498 16,623 Reslricted funds 21 Unrestricted funds 21 Total funds 23,452 22,394 The fina ial s leme Is were approved and authorised for issue by the Trustee and signed on their behalf by: Dr S C Bamber Vice Chairman Chairman Dale: 22/01/2025 The notes on pages 3410 63 form part of these financial statements. Page 30 KING EDWARD VI GRAMMAR SCHOOL. NORWICH CHARITY BALANCE SHEET AS AT 31 AUGUST 2024 2024 £000 2023 £000 Note Fixed assets Tangible asseis Investments Investment property 10 12 17,004 1,881 730 14,719 1, 735 730 19,615 17.184 Current assets Stocks Debtors Cash al bank and In hand 32 1,261 11,542 21 1. 146 9. 774 13 12,835 10.941 Creditors: amounts falling due wlthln one year 14 (7.009) (4,998J Net current assets 5,826 5,943 Total assets less current Ilabllitles 25,441 23, 127 Creditors.. amounls falllng due after more than one year 15 {1,989) (733) Total n&t assets 23,452 22.394 Page 31 KING EDWARD VI GRAMMAR SCHOOL, NORWICH CHARITY BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2024 2024 £000 2023 £000 Note Charity funds Endowment funds Restrlcted funds Unrostricted funds 21 21 3,273 2,842 3,273 2,498 Designated funds General funds Unrestricled funds 21 21 21 1,950 15,387 17,337 797 15.826 16,623 Tolal unrestrlcted funds 21 17,337 16,623 Total funds 23,452 22,394 The finan al me s wer8 approved and eulhorised for issue by the Trustee and signed on thelr behalf by: DrACWood Chairman Pate: 22/01/2025 Vlce Chairman The notes on pages 34 to 63 form part of these flnancial statements. Page 32 KING EDWARD VI GRAMMAR SCHOOL. NORWICH CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 £000 2023 £000 Cash flows from operating actSvities Net cash used in operating activities 4,869 2,551 Cash flows from Investlng actlvitles Proceeds from the sale of tangible assets Payments to acquire tangible fixed assets Receipts from sale of investments Payments to acquire investments Interest recelved Divid8nds r8ceived Rentals received from inveslmenl properties 13 (1,355) 297 (305) 227 46 62 (3,420) 219 (221) 467 44 62 Net cash used in investlng activitles (2,8491 {1,0151 Cash flows from financing activities Repayments of long term loans Interest pald Repayments of hire purchase finance (1561 (531 (431 (144) (55) (42) Net cash used in financing activities (2521 (2411 Change in cash and cash equlvalents In the year Cash and cash equivalents al Ihe beginning of the year 1,768 1,295 9,774 8,479 Cash and cash equivalents at the end of the year 11,542 9,774 The notes on pages 34 to 63 form part of these financial slatements Page 33 KING EDWARD VI GRAMMAR SCHOOL. NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General information King Edward Vl Grammar School, NoNich is a charity registered in England and Wales. charity number 311280. The registered offic8 is 71a The Close. Notwich, Norfolk. NR14DD. A¢countlng policies 2.1 Basls of preparatlon of flnanelal statements The financial stalemenls have been prepared in accordance wlh the Charities SORP (FRS 102) Accounting and Reporting by Charitles.. Statement of Recommended Practice applicable lo charlties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Ihe Financial Repoiting Standard applicable in the UK and Republic of Irèland {FRS 102) and the Charities Act 2011. The financial slatemenl8 have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reporis) Regulations 2008 only to the extent required to provide a 'lrue and fair, view. This departure has involved following the Charilies SORP IFRS 102) revised October 2019 rather than the Accounting and Reportlng by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. King Edward Vl Grammar School, Norwich meets the deflnltlon of a public benefit entlly under FRS 102. Assets and liabillties are initially recognised at hlslorlcal cost or transaction value unless olherwise stated in the relevanl accounting policy. The Consolidated Stalement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Group and its subsidlary undertaking. The results of the subsidiary are consolidated on a line by line basis. 2.2 Golng concern Management's going concern assessment takes into full consideration key data sets, including latest pupil numbers, projecled employment costs. freehold. leasehold, and maintenance requirements for the next 12 months and beyond. and known capital commrtments. 811ied to the latest 5-year cashflow models and other key performance indicators. The last Iwo years have seen slgnificant employment cost inflation with awards reflecting both Ihe macro inflalionary environment and pay award levels made within the wider education sector. Also impactful, the additional 5DA TPS (Teachers. Pension Scheme) Employer's Contribution levels from 1s1 April 2024 has put further strain on academic employment budgels. The posilion taken by 11)e school offering a DC allernalive and noting the current employer contribution level Ss the limit of should limit exposure to further TPS pension cosls from the tim6 of lh8 next valuatlon. Confimiation of the application of VAT on school fees from 1 st January 2025 led to significant work belng undertaken (and which conllnues) to review all areas of expenditure. examine cost savings to both current year budgets (revenue and CAP) and onward budgets, with a particular focus on 202 26, which will be the first full year of VAT. This includes close scrutiny of all areas of operation, external guidance, and conslderatlon of structural changes to both staffing and core costs, whilst ensuring that Ihe value proposition remains strong. The Budget on Oclober 301h did not clarify many of the details needed to apply the draft legislation, and al the lime of writing HMRC guidance still has not addressed numerous queries around the actual application of this legislatlon within the framework of current Tax law and precedenls. Page 34 KING EDWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng policies (continued) 2.2 Golng concern (contlnued) In the meanlime, and as we move tOv￿rdS the Implementation date, Ihe school Is worklng hard on both understanding and modelling VAT recovery options (including partial recovery, CGS. CAP and exemption), whllsl working lo ensure systems are In place lo operate the buslness withln VAT protocols. In the absenc8 of clarity over much of the practical application of the r￿ VAT regime, there are obvious challenges in onward projections, both in terms of revenue recovery and Ihe impact on demand foi pupil places. Given the times¢ales imposed to introduce VAT withln the sector, the announcem8nt Sn the budget of significant increases lo Employ8r's National Insuranc8 Contributions cr8ales an additional challenge, adding 8 further £300.000 to the cost base. In conjunclion with the loss of Mandatory Business Rates Relief and increases in the National Living Wage. cumulatlvely these equat8 to an additional annual burden on the school's finances of c£550,01)0. The appllcation of VAT on fees gives us scope for careful consideration of both the current cost base and operational practlce. It Is also Ilkely we will see changes in the locallregional marketplace over the following 36 months. However, wilh much of our costs fixedlseml-fixed the scope for Immediale action is more challenged. hence the concentration of processes withln the current year to posilion oursefves for 2025-26. The position for Ihe current budget cyde Is therefor8 threefold: acceptanca of reduced revenue surplus for the Current year, adjusted REVICAP budgets and a sharing of the 20% VAT burden wlth fee pay&rs the later seeing adjusled bills from January 2025 with a 12Yo uplift the differential reflecting expected recovery and th& in year-COSt savings and surplus reduction previously mentioned. In terms of CAP, the School Is committed to the completlon of both current major projects., 15 Upper King Street IM339) and the Lower School Development (M061) both of whlch are expected to be completed during the first half of 2025. Thereafler, the School has no plans for major capital Pfojects and the intent is lo ke8p both REV and CAP expenditure to 8ssenlial only items with appropriale conlingencies. The school is yet to see a significant drop in pupil numbers because of the VAT announcement during the summer. Year-on-year numbers, whilst lower, are close to expeclalions, and a very keen eye is now on our recruitment cycle for 2025-26 entry and beyond. In the context of such a risk horizon, the School is carefully focusing on mitigation options lo offset the inevitable pressures on fulure cashflow. This will, of course, require a keen focus on both revenue and capllal expenditure, at a time when the affordabillty of fees. and Ihe value proposition of our product remains a key consideraUon. Despite all of these challenges, with gcKKI projected income allied lo sensible budgeting, robust levels of working capital, a strong balance sheet. appropriate levels Df both interest and debt cover 811ied to prudent cash flow management {and aC￿eSS to addilional funding if needed) and an appropriate reserves policy, the Schoal feels able to address the continuing economic and financial uncerlainlies whilst delivering the core offering and creating continuad demand for our product. Since the balance sheet date there have been no subsequent events to give management doubts that the school is not a going concem. and considering the above, Norwich School has a reasonable expectation that the charity has no material uncertainties, and has adequale resources lo continue in operational existence for the foreseeable fuluie. Page 35 KING EDWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng policles (contlnued) 2.3 Fund accounting Unreslrlcted general funds are funds which can be used in accordance wlth the charltable objecls at the discrellon of the Council of Managemenl. Unrestricted designaled funds are funds earMa￿ed by the Council of Management for particular purposes. Reslrlcted funds are funds that can only be used for partlcular restricted purposes within the objects of the Charity. Restriciions arlse when specified by the donor or when funds are ralsed for parllcular restricted purposes. Endowm8nl funds are funds that must be held permanently by the Charity consisting of investments, properties and th8 orlginal school buildings. 2.4 Income All Incorne Is recognised once the Charity has enlltlement to the Income, It Is probable that tha income will be received and the amount of income receivable can be measLsred reliably. Income from donalions, grants, gifts, and specific fund raising events is included In full in the Stalemenl of Financlal Activits'es when receivable. For legacies, enlillement is ihe earlier of the Charity belng notifled of 8n impending distribution or the legacy being recelved. At this point income is recognised. On occaslons legacies will be notified to the Charity however il Is not possible to measure the amount expected to be distributed. On these occaslons, the legacy is treated as a C¢)ntingent asset and disclosed. Income from propety and other non-voluntary seDilces Is included In the year In whlch the conditions for receipt have been met. Income from investments is included when receivable. Income from investmenls held as part of the permanent endowmenl fund is unrestricted. Income from investrnents held as part of Ihe reslrictod Scholarship Fund is reslricted to providing prizes, scholarships and financial assistance as part of the Scholarship Fund. Tuition fees represent charges for tultlon in the academic year 202312024 and are stated gr05s of 'fee remissions. 2.5 Expendlture Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure Includes VAT and is reported as part of the expenditure to which il reL9tes: Charitable expenditure comprises those (xxts incurred by the ChaThty in the delivery of its aclivilies and services for ils benefictaries. Governance costs include those cosls associaled wilh meeting the constitutlonal and statulory requirements of the Charity and include the audit fees and costs linked lo the strategic management of the Charity. Page 36 KING EDWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 A¢countlng pollcles (continued 2.5 Expendlture (continued) All costs are allocated beiween the expenditure categories of the Stalement of Financial Activities on a basis designed to reflect the use of the resource. Prlzes, awards, scholarships and financial assistance costs are staled within expendlture on charitable activities 8nd are not netled off tuition fees. 2.6 Tangible flxed assets and depreciation The Charity elected to use a prevlous valuation as deemed cost for freehold and long-term leasehold properties held al the Charity's date of transition to FRS 102 of 1 September 2014. Addillons made lo freehold and long-lerm leasehold propertles since thls date have been accounted for at cost and depreciated on the basis set out below. Tangible fixed assets under the cost model are stated al historlcal cost less accumulated depreciation and any accumulated impairment bsses. Historical cosl includes expenditure that is dlrectly attributable to bringing the asset to the location and condilion necessary for il to be capable of operaling in the manner inlended by management. At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, thè recoverable amount of ihe asset is determined, whlch is the higher of its fair value less costs lo sell and its value in use. An impairment k)ss is recognlsed wh&re th8 carrying amount exceeds the recoverable amount. Land and asseis under construction are not deprecialed. Depreciats'on is charged so as lo allocate the cost of assets less theSr residual value over their estirnaled useful lives, using the straight line method. Deprecialion is provided on the followlng basis.. Freehold buildings Long-term leasehold property Short-term leasehold properly Plant, equlpment, fixtures and riltlngs Assets in the course ot constructlon Over the expected useful Ilfe of the asset Over the expected useful lile of the ass81 Over the expected useful life of the asset 2%-25% Not depreciated The asseis, residual values, useful lives and depreciation methods are reviewed and adjusted prospectively. if appropriate or if there is an indication of a significanl change slnce Ihe last reporting date. Gains and losses on disposals are detemined by comparing the proceeds with Ihe carrying amount and recognised in the Consolldated Statement of Financial Activities. Page 37 KING EDWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting pollcles (contlnued) 2.7 Investments Investments held for the lorKJ-lerm to generate Income and preserve capltal in real tenns are carrled at market value as fixed assets. Investments are held as part of the designaled Development Fund and the restricted Scholarshlp Fund. The Statement of Financial Actlvlties indudes the net galns and losses arising on revaluatlons and dlsposals throughout the year. 2.8 Investment property Freehold investment proFerties are induded at a valuation determined by the Councll of Management on an annual basls based on fomial valualions prepared by a firm of property and business consultants. 2.9 Stocks Stock consists of goods for resale and Is valued at the lower of cost and nel realisable value. Expenditure on leaching malerials is written off immedialely when incurred. 2.10 Operatlng leases Rentals applicab￿ to operallng leases where subslantially all of the benefits and risks of ownership remain with the ￿SsOr are charged against profits on a slralght line basis over the perlod of Ihe 168se. 2.11 Penslons The School conlributes lo the Teachers, Pension Scheme (TPS). Thls Is 8 defined benefit scheme and the assets are held separately from those of the School. The TPS is an unfunded scheme and contrlbullons are calculated so as to spread Ihe cost of pensions over employees, working Ilves with the School In such a way Ihat the pension cost is a subslantially level percentage of current and future pensionable payroll. The conlribulions are dctcrmined by the Government Actuary on the basis of quadrennial valuations using a prospective unit credit method. The TPS Is a multi-employer scheme and there is insufficient Infomiation available to use defined benefit accounting, The TPS Is Iherefore Ireated as a defined contribution scheme and the contributions recognised in the period10 which they relate. The School operaled a defined benefit pension scheme for non-leachlng staff which provided beneflls based on final pensk)nable salary. The assets of tt)e %heme were held separately from those of the School being Invested with an Insuran￿ company. As from 5 April 2004 contributlons to secure benefils accruing after Ihls date ￿aSed arKI ongolng contributions are made lo eliminate the funding deficit. The Trust recognises a defined benefil pension plan surplus as an asset only to the extent that it is able to recover the surplus either through reduced contributions in the future or through refunds from the plan. The School also operates a defined contribution scheme. The assets of the scheme are held separately from those of the School, The annual contributions payable are charged to the Slalement of Financial Activities. Page 38 KING EDWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (Contlnued) 2.12 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade dlscounts due. 2.13 Cash at bank and in hand Cash 8t bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account, 2.14 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, It is probable that a Iransfer of economlc benefil wlll be requSred in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that Ihe Charily anlicipates it will pay to settle the debt or the amount il has received as advanced paymenls for the goods or services it must provlde. Provisions are measured al the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at Ihe pre-tax discount rate Ihal reflects Ihe risks specific to the liability. The unwinding of the discounl is recognised in the Consolidated Statement of Financial Activities as a finance cost. .2.15 Flnanclal Instrumenls The Group only has flnanclal assets and financial 118billlles of a kind that qU811fy as basic financial Instruments. Basic flnanclal Instruments are Initlally recognlsed at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interesl method. 2.16 Interest recelvable Interest on funds held on deposit is included when roceivablè and the amount can be measured reliably by the Group- Ihis is normally upon notification of the interest paid or payable by the instilution wilh whom the funds are deposiled. 2.17 Government grants Grants of a revenue nature are recognised in the Statement of Financial Activities in the same period as the related expendilure. Page 39 KING EDWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcles {continu8d) 2.18 Finance leases and hire purchase Assets obtained under hlre purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreclated over the shorter of the 18ase term and thelr useful lives. Assets acquired by hire purchase are depreclated over their useful lives. Finance leases are those where subslanlially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors. net of the flnance charge allocated lo future periods. The finance element of the rental payment is charged to the Consolidated Statement of Financial Activities so as lo ￿1￿ce a constanl periodic rate of charge on the net obligation oulsianding in each peric%J. Page 40 KING EDWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Crltical accounting estimate8 and areas of judgmenl Estimates and judgments are continually evaluated and ar8 based on historical experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Crlllcal accounllng estimates and assurnptlons: The Charity makes estlmales and assumplions concerning the tuture, The resulllng accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjuslm&nt to the carrying amounts of assets 8nd liabilities within the next financial year are discussed below. Critical areas of judgment.. Define ension hem The present value of the defined benefit liability depends on a number of factors that are determlned on an actuarial basls using a varlety of assumptions. The assumptlons used in determlning the net ￿$1 (Income) for penslons include the dlscount rate. Any changes In these assumptlons, whlch are dlsclosed in note 17, will impact the carrying amount of the pension Ilability. Furthermore, a roll fornard approach which projecls results from the latest full actuarial valuation has been used by the actuary in valuing the pensions liability at the year end. slment Investment properties must be valued at open market value, which should factor In any impairment, either specific lo Ihe invoslmenl ass8t, or arising more generally from sector or market conditions. Alternatively, any increase in value arising from enhancement to the assot or from wider sector or market conditions, Professional valuallons of Ihe inveslment properties are expected lo be undertaken on a regular basls (although not necessarlly annually) to assisl management in assesslng the valuation of investment property at each accounling period end. Investment propertles are accounted for Sn accordance wilh note 2.8 and are disclosed in note 11. I tlon and im airmenl of le fixed The Charity should select 8 depreciation melhod that ref￿CtS the pattem in whlch it expects lo consume the asset's future economic benefits and must consider whether a straighl line or reducing balance basis is most appropriate for eath class of assets. If there is an indication Ihat there has been a significant change since the last annual reporting date, for example where costs Incurred in relation to future projecls are no longer expected lo carry any fulure value, the Council of Management musl review ils present depreclation method and. if currenl expectations differ, change the depreciation method to reflect the new pattern. Depreciation methods adopted are disdosed in note 2.6 and carrying values of fixed assets at Ihe reportlng date are disclosed In note 10. Bad and d ubtful debt The bad and doubtful debt provision relates lo unpaid pupil fees. The Council of Management review all outstanding debls at the year erKI to consider which debts may not be settled in full and calculate a piovision on this basis. Trade debtors. which relates to amounts owed in relation to tuition and associated fees, are disclosed net of the bad and doubtful provision assessed in note 13. Page 41 KING EDWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Iticome from donatlons and legacies Restrlcled funds 2024 £000 Total funds 2D24 £000 Donaliong and legacies 780 Restricted fvnds 2023 £000 719 Total funds 2023 £000 719 Donatlons and legacies Income from charltable actlvltles Unrestricted funds 2024 £000 Total funds 2024 £000 Tuition fees other educallonal Income Other ancillary income School meals 23,223 956 186 992 23,223 956 186 992 Total 2024 25,357 25,357 Unreslricted funds 2023 Total funds 2023 £000 Tultion fees other educational Income Other anclllary income School meals 21,991 874 156 909 21,991 874 156 909 Total 2023 23,930 23,930 Page 42 KING EDWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Investment income Unrestricted Restrlcted funds funds 2024 2024 £000 £000 Total funds 2024 £000 Rental income Income from Inv8Stm6nts Deposit account interest and interest from other debtors Penslon Income 62 14 62 44 467 13 30 467 13 Total 2024 556 30 586 UnreslriGted funds 2023 £000 Restrict8d funds 2023 £000 Total funds 2023 £000 Rental income Income from Inveslments Deposit account interest and interest from other debtors Pension Income 62 13 227 62 46 227 33 Total 2023 33 339 Page 43 KING EDWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure on charitable activities Summary by fund type Unrestrl¢ted Restrlcted funds funds 2024 2024 £000 £000 Total 2024 £000 Teachlng and educatlon Welfare Establlshment Support costs Flnance costs Governance costs Prizes, awards, scholarships and financlal assislance 14,339 1,579 4,540 2.621 200 14,339 1,579 4,540 2,621 200 105 1,743 105 2,302 559 Total 2024 25.127 559 25,686 Unr8slricted funds 2023 Reslrict6d funds 2023 Total 2023 . Teachlng and education Welfare Establishment Support costs Flnance costs Governance costs (see below) Prlzes, awards, stholarships and financial assistance 13,505 1,444 3, 956 2,307 86 75 1.543 13,505 1.444 3,956 2,307 86 75 2,111 568 Tot812023 22.916 568 23,484 Page 44 KING EDWARD VI GRAMMAR SCHOOL. NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure on charltable activitles (contlnued) Summary by expenditure type Staff costs Depreclation Other costs 2024 2024 2024 £000 £000 £000 Total 2024 £000 Teaching and education Welfafe Establishment Support costs Finance costs Govemance costs (see below) Prizes, awards, scholarships and flnancial assistance 11,399 205 773 1,058 440 2.500 1,374 3.162 1,563 14,339 1,579 4,540 2,621 200 105 605 105 2,302 2,302 Total 2024 13.435 1.045 11,206 25,686 Staff cosls Depr8cialion Othar costs 2023 2023 2023 £000 £000 Total 2023 £000 Teaching and education Welfare Establishment Support costs FSnanc& costs Governance costs (see beb)w) Prizes, awards, scholarships and financlal assislance 10,518 181 517 992 482 2.505 1,263 2,820 1,315 86 T5 13.505 1,444 3,956 2,307 86 75 619 2,111 2,111 Total 2023 12.208 1,101 10,175 23,484 Page 45 KING EDWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure on charitable activitles Icontlnued) 2024 £000 2023 Analysls of governance costs: Costs relating to governors Trustee and Professional Indemnity insurance Audit. accounlancy and legal fees 18 81 18 53 105 75 Costs relating to governors includes Iralnlng, venue hire, and any ieimbursement to members of the Council of Management for thair out of pocket travel expenses. Note 9 provides a speclfic dlsclosure of reimbursed expenses. Auditors, remuneratlon 2024 £000 2023 £000 Fees payable lo the Charily's audltor and its associates for the audll of the Charily's annual accounts Fees payable to the Charlty's audltor and its assoclates Sn respect of., Teachers, Pension audit Taxation advisory services 19 18 staff costs Group 2024 £000 Group 2023 Charity 2024 £000 Charily 2023 £000 Wages and salaries Social security costs Pension costs 10,606 1,080 1.749 9,670 1,016 1,522 10,606 1.080 1,749 9,670 1,016 1,522 13,435 12,208 13,435 12,208 During the year, the Charily made temiination payments totalling £16,000 under setllement agreement terms. At the balance sheet dale. there were no outstanding LX)mmitments for termination payments. Page 46 KING EDWARD VI GRAMPaAR SCHOOL, NORMCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 staff costs (continued) The average number of persons employed by the Charity during the year was as follows: Group 2024 Group 2023 Teaching slaff Support staff 150 186 153 160 336 313 The number of employees Kthose employee benefiis (excludlng employer pension costs) exceeded £60,000 was.. Group 2024 No. Group 2023 No. In Ihe band £60.001- £70.000 In the band £70,001- £80.000 In Ihe band £80,001- £90,LN)O In the band £90.001- £100.000 In the band £100,001- £110.000 In the band £200.001- £210.000 No member of the Counctl of Management recaived any remuneration from the trustee company or School. No members of the Council of Management were reimbursed for out-of-pocket 8xpendlture in the year (2023.. None). Key management remuneratlon in the year totalled £1,031k (2023.. £895k) In resp￿1 of the Head, Bursar and Senior Leadership Team as listed on pages 1 and 2. Page 47 KING EDWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Tangible fixed assets Group and Charity Plant, Long-term Short-term equlpment, Assets In the Freehold leasehold leasehold fixture5 and course of property property properly fitlings conslructlon £000 £000 £000 £000 £000 Total £000 Cost or valuation At 1 September 2023 Additlons Disposals 7.019 5,513 11 (69) 2.329 14 9,164 1,209 (2,037) 24,025 3,420 (2,1061 2,186 At 31 August 2024 7,019 5,455 2,343 8.336 2,186 25,339 Depreclatlon. Al 1 Septèmber 2023 Charge for the year On disposals 1,049 123 760 86 (8) 1,441 173 6,056 664 (2,009) 9,306 1,046 (2,017> Al 31 August 2024 1,172 838 1,614 4,711 8,335 Net book value At 31 Augusl 2024 5.847 4.617 729 3,625 2,186 17,004 At 31 Augusl 2023 5.970 4. 753 3,108 14,719 Included in freehold property is freehold18nd at valuation of £1,819,860 whlch is not depreciated. Assels in the course of construction relate to costs associated with the 15 Upper King Street and Lower School Capital Development Projects. Page 48 KING EDWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. Investment property Group Freehold Investment property £000 Valuatlon At 1 September 2023 730 At 31 Augusl 2024 730 Charlty Freehold Investment property £000 Valuallon Al 1 September 2023 730 At 31 August 2024 730 Thc freehold inveslmenl properties are included at open market valualion determined by the Council of Managemenf5 valuation as at 31 Augusl 2024 based on a formal valuation dated 30 August 2024 by Brown & Co - Property and Business Consultants LLP. The properties are held lo produce income and capital growth and hav8 an estimated historical cosl of £116,432 (2023.. £116.432). Page 49 KING EDWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Flxed asset Investments Listed Investments £000 Group and Charity Cost or valuatlon At 1 September 2023 Additions Disposals Rev81uations 1,735 321 1319) 144 At 31 August 2024 1,881 Net book value At 31 August 2024 1,881 At 31 August 2023 1,735 The majority of investments were gffted. The hlstoric cost of listed invostmenls on 31 August 2024 w8s £1,523k (2023.. £1,464k). The School owns the enllre Issued share capital, £2. of Its subsidiary undertaking Norwich School Enterprises Limiled, a company registered in England and Wales {comp8ny number 03538479>, which is now dormant. As at 31 August 2024. the company had net liabilities amountlng to £1,569 (2023.. £1,596). All Invèstments are listed on the London Stock Exchange other than the inveslment in Nop4vlch School Enterprlses Limited. No investments represented more than 5% of the total value of the porlfolio at 31 August 2024. (2023.. No investments). Investments are allocat8d between Ihe funds as s8t oul in Note 22 of the financial statements. Page 50 KING EDWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Debtors Group 2024 £000 Gmup 2023 £000 Charity 2024 £OOD Charity 2023 £000 Due wlthln one year Trade debtors Other debtors Prepayments and accrued income 228 232 228 232 1,024 905 1,024 905 1,261 1.146 1,261 1,146 14. Creditors: Amounts falling due within one year Group 2024 £000 Gmup 2023 Charfty 2024 £000 Charity 2023 £000 Bank108n8 Fees received in advance Trade creditors other tsxatlon and social security Obllgations under finance lease and hire purchase contracls Other creditors Accruals and deferred Income 194 3,920 1,621 264 194 2,970 1,041 254 194 3,920 1,621 264 194 2,970 1,041 254 44 346 620 43 97 399 44 346 620 43 97 399 7,009 4,998 7,009 4,998 Obligations under finan￿ lease and hire purthase contracts of £44k (2023.. £43k) are Secured on the assets to which the liability ielates. Def8rred income consists of £3,920k (2023.. £2,970k) fees recelved In advance and £81 k (2023.. £77k) of income received in respect of donations for use in fundlng bursary awards in the next financial year. Group 2024 £000 Group 2023 Charlty 2024 £000 Charily 2023 £000 Delerred income at 1 September 2023 Resources deferred during the year Amounts released from previous periods 3,047 4,001 (3.047) 3,250 3,047 (3.250) 3,047 4,001 (3,047) 3,250 3,047 (3.250) Deferred income at 31 August 2024 4,001 3,047 4,001 3,047 Page 51 KING EDWARD VI GRAMMAR SCHOOL. NORWICH NOTES TO THE FINANICIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Creditors.. Amounts falling due after more than one year Group 2024 £000 Group 2023 £000 Charity 2024 £000 Charity 2023 Bank loans F&8s received in advance Net obligations under finance lease and hlre purchase contracts 523 1,456 679 523 1,456 679 10 54 10 54 1,989 733 1,989 735 Obligations under finance lease and hire purchase contracts of £1 Ok (2023.. £54k) are secured on the assets to which the1Sabillly relates. 16. Hlre purchase Mlnlmum lease payments under hlre purchase fall due as follovts: 2024 £000 2023 £000 Group and Charlty Within one year 8etween 1-5 years Less: flnance charges allocate(J to future perkxls 46 10 (2) 47 56 54 97 17. Capltal commitments Group 2024 £000 Group 2023 Charlty 2024 £000 Charily 2023 Contracted for but not provlded in these financial statements Lower School development Upper King Street 2,125 427 2,125 427 2,552 2,552 Page $2 KING EDWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Pension commltments Teachers. Pension Scheme Th8 School participales in the Teachers, Pension Scheme rthe TPS.) for its t8aching slaff. The p8nsion charge for the year includes contributions payable to the TPS of £1,477k (2023.. £1.404k) and at the year-end £196k (2023.. £NilJ was accrued in respect of contribulions to thls scheme. The TPS Is an unfunded multi-employer defined benefits pension scheme govemed by The Teachers, Pensions Regulations 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 (as amended). M8mbers contribute on a 'pay as you go" basis with conlributions from members and the employer being credited to the Exchequer. Retirement and olher pension benefils are paid by public funds provided by Parliament. The employer conlrlbution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepar8d as at 31 March 2020 and the ValuatK)n Report, which was published In October 2023. Foll￿￿ng the Mccloud judgement. the remedy proposed thal when benefils become payable. ellgible members can 5elecl to receive them from elther the reformed or legacy schemes for the period 1 April 2015 10 31 March 2022. The acluaries have assumed Ihat members are likely to choose the option that provides them viith Ihe greater benefits, and in preparing Ihe 2020 valuation have valued the 'greater value, benefits for groups of relevant members. The valualion confirmed that the employer contribution rate for Ihe TPS would increase from 23.6 % to 28.60A from 1 April 2024. Employers are also required to pay a scheme administration levy of O.08°/ giving a total employer contribution rate of 28.68%. Penslon scheme as an altematiV8 to the Teachers, P6nslon Scheme From 1 September 2022 the School began operating a new dlrect contribution pensDn scheme to provlde teachlng staff with an alternative optlon to the Teach8rs' Pension Scheme. The scheme Is operated by APTIS and is on an 'opl-in' basis. Norwlch School Deflned Contributlon Schème In addition to the alternative scheme noted above, the School also continues to operate the existing defined contribution scheme. The assets of the scheme ar& held separately from those of the School. Th8 annual contributions payable are charged to the Statement of Financlal Activities. Norwlch School Deflned Beneflt Penslon Scheme The Group operales a defined benefit penslon scheme. The Norwich School Pension Scheme, for non-teaching slaff, is operated in the UK. A full actuarial valuation of Ihe Scheme was carried out as at 6 April 2021, and the results updated lo 31 August 2024 by a qu811fied independent actuary. Page 53 KING EDWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Pension commitments (continued) Principal actuarial assumpiions at the Balance Sheet date (expressed as weighted averages): At 31 August Al 31 August 2024 2023 Dlscount rate Price inflation (CPI) Future increases to penslons defemient Fulure increases to pensions in paymenl 3.25 3.25 At 31 August Al 31 August 2024 2023 Years Years Mortallty rates (in years) - for a male aged 65 now - at 65 for a male aged 45 now - for a female aged 65 now - at 65 for a female aged 45 now 86.3 87.5 88.8 90.2 86.4 87.6 88.9 90.3 The Group's share of the assets in the schem8 was: At 31 August At 31 August 2024 2023 £000 £000 181 587 Cash and other liquid asBets Investment funds 270 647 Total falr value of assels 917 768 The aciual rehjm on scheme assets was £19,000 (2023 - £46,000 loss). The amounts recognised in the Consolidated Stalement of Financial Activities are as folb)ws.' 2024 £000 2023 £000 Interest income Interest cost Total amount recognlsed In the Consolldated Slatement of Financial Activitles {41) 28 (31) 27 113) Page 54 KING EOWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Pension commitments Iconllnued) Movements in the present value of the defined benefit obligation were as follows: 2024 £000 2023 £000 Opening defined benefit obligation Interest cost 552 28 642 27 (109) (B) Actuarial lossesl(gains) Benefits paid 22 (9) Closlng deflnèd beneflt obllgatlon 593 552 Movements in the fair value of the Group's share of scheme assets were as follows: 2024 £000 2023 £000 Openlng falr value of scheme assets before asset celkng adjustment Expected return on assets Actuari81 gainslllosses) Contributions by empbyer Benefits paid Asset ceiling adjustment 768 41 19 98 19) 1324) 696 31 {46) 95 (8) (216) Closlng falr value of scheme assels S93 552 19. Operating lease commltmenls At 31 August 2024 the Group and the Ch8rlty had commitments to make future mlnimum lease paymenls under non-cancellable operallng leases as follows: Group 2024 £000 Group 2023 Charlly 2024 £000 Charity 2023 Not later than 1 year Later than 1 year and not later th8n 5 years Later than 5 years 728 495 1.653 3.771 728 2,418 6,020 495 2,418 6,020 1,653 3,777 9,166 5.919 9,166 5,919 Page 55 KING EDWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEkfjENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Related party transactions The assets and liabilities of the School are vested in a company limiled by guarantee known as Norwich School. which acts as a bar8 Iruslee for the School. No transactions occurred be￿een the School and the company durlng the year under review. At 31 August 2024 the School was owed £2,255 (2023.. £2,255) by Norwich School Enlerprlses Llmited, whlch Is dormant. The School rents Ihe majority of ils properties from the Chapter of Norwich Calhedral which was represented on the Council of Management during the year and in the previous year by The Very Reverend Dr A Braddock and The Reverend Canon A Platten. The rents in the year, including those for the use of the Cathedral for the School's assemblies, amounted to £347.531 (2023.. £314, 705). The Schc()I had £6,597 of sales lo the Chapter of Norwich Cathedral (2023.. £6, 176) of which £Nil was due to the School at the year end (2023.. £1,249). In addits'on. the Chapterfs 100Yo subsidiary company. Norwich Cathedral Enterprises Limited, provided calering servi￿S to the School lotalling £410 (2023.. £314) of which £Nil was outstanding 81 the year end (2023.. £NiQ. Ms D G M Jarrold, member of the Council of Management. Is a dlrector of Jarrold and Sons Limlted. whlch, together with its divlsion, Jarrold Trainlng, provided goods and seNlces to Ihe School during the year totalling £170 (2023.. £1,742), with £Nil remaining due lo Jarrokl and Sons Limited at year end (2023.. £1,650), The School made sales of £550 to Jarrold and Sons Llmiled in the year (2023.. £Nil), all £550 of which was still due lo be received at year end (2023.. £Nil). Mr J M Hunter. member of the Council of Management, is a membar of Mills and Reeve LLP, which provided legal services to Ihe School during the year tolalling £106,596 (2023.. £12,182) wilh £441 remaining due to Mills and Reeve LLP at year end (2023.. £Nil). The School had sales of £360 in the year to Mllls and Reeve LLP, and £80 was due to the School at year end (2023., £250 sales and £Nil due 81 year end). Mrs A Sarkar Roy, member of the Council of Management, is Treasurer and a Non-Executive Trustee of 8th Nopwich Sea Scouts. The SchcY)I made wrchases from and sales lo this charity during the year of £1,086 and £34,646 respectively (2023." £930 and £30,009 Trspectivety). At the year end £8.633 was owed to the School (2023.. £9,279). Mr N Q Back. member of the Council of Management, is the Chair of the Norfolk Club, of which the School uses the gym facilitias. The School made purchases from this charity during the year of £7,776 (2023.. £4,880), of which £Nil remained due to the Norfolk Club at year 8nd (2023,. £595). Mr D Talbot. member Of the Councll of Management. is a Trustee of the Norfolk Broads Yacht Club, The School made purchases from the Norfolk Broads Yacht Club lotalling £7,544 (2023,. £11, 197). Th8r@ were no amounts Outslandlng at the year and (2023.. £Nil). Dr A C Wood, member of the Councll of Managernent, is a Council Member of the Unlversity of East Anglia. The School made purchases from UEA (including UEA Sporlspark} totalling £30.175 (2023.. £24, 763) of which £Nil remained due lo UEA al year end (2023.. £3,174). Four members of Ihe Council of Management. Mr J M Hunter, The Reverend Canon A Platlen, Mrs A Sarkar Roy, and Dr A C Wood. have childr8n or grandchildren at Ihe School. Fees paid by these members are at the same rates applicable lo all pupils. One member is in receipt of means-tested assistancE. The children of st8ff, including those of the senior leadership. attend the School, these children are also subject to the standard fee rates and discounts. Page 56 KING EDWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Statement of funds statement of funds - current year Balance at 1 September 2023 £000 Balance at Gainsl 31 August (Losses) 2024 £000 £000 Transfers Inl(out) £000 Income Expendlture £000 £000 Designated funds School development fund Staff development fund 597 14 1,300 39 1,950 200 (200) 797 14 1,100 39 1,950 General funds General Funds - all funds 15,826 25,899 (25,127) {1,100) (1111 15,387 Tolal Unrestricted funds 16,623 25,913 {25,127) {72) 17,337 Endowment funds Permanent endowment 3,273 3,273 Restrlcted funds Bursary funds other restricted funds Scholarship funds 298 322 (167) 456 998 452 {386} {3} 1,061 1,202 (6} 93 1,325 2,498 810 {559) 93 2,842 Total of funds 22,394 26,723 (25,686) 21 23,452 Page 57 KING EDWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Statemènt of funds (continued) statement of funds - prlor year Balance al 1 September 2022 £000 Balance 8t 31 August 2023 Transfers Galn in/{out) (Losses) £000 £000 Income Expendltur8 £000 £000 Deslgnatèd funds School d8velopment fund Staff devek)pment fund 598 13 (14) 597 200 200 598 13 200 (14) 797 General funds General Funds- all funds 14.818 24.223 (22.916) (200) (99) 15,826 Total Unrestrlcted funds 15,416 24,236 (22,916) (113) 16,623 Endowment funds Permanent endowment 3,273 3,273 Restricted funds Bursary funds other restrlcleij funds Scholarshlp funds 257 888 1,198 260 453 39 (219) (343) (6) 298 998 1,202 (29) 2,343 752 (568) (29) 2,498 Total of funds 21.032 24.988 (23,484) (142) 22,394 Page 58 KING EDWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Endowmenl fund The permanent endowment fund consists of investments. properties and the original school buildings arising from endowments. Restricted funds Restricted bursary funds Include the furKls sel out bebw.. Bowllng Family Bursary - thls Is a Senior School bursary awarded to one particular student. Bursary Campaign FurKI - utilises monies generated by.lhe Development Office's Bursary campaign lo provide means-tesled assistance across the Senior School. This includes awards made for those on Ihe Norfolk Sixlh Form Scholars Scheme, which offers transformational support lo five pupils for the duration of their Sixth form career. Cathedral Chorister Fund funds received from Nonvich Cathedral to contribule towards fe6s of choristers who attend Norwich School. The ON Bursary Fund conslsts of funds received from alumnl {Old Norvlcensians) towards bursarles. Cholr Schools Association Bursary, Dyers Bursary Award, French Huguenol Trust Bursary, The Friends of NO￿lCh School Bursary, Charles Peel Bursary, Staff Bursary and The Wail Family Bursary, Morse. Boycolt Trust Bursary - means tested bursary awards lo pupils requiring financl81 assistance towards Iheir school fees. Other restricted funds include the funds sel out below.. The Annual Fund - Headmasterfs Discretionary Fund - funds received from the public towards projects which directly benefit the School, its pupils and the wider community. The Annual Fund - Pupll Enrichment Fund funds received from the public towards specific projects to encourage the children al the School to develop broader skills and equip them for life. Capltal Fun(J - funds raised for p18nned building projecls at the School. Ogden Trust granl represents funds received towards the continuation and extension of physics outreach work, the set up and delivery ol a language programme and various school holiday courses for pupils of other local schools. Horalio Society - funds ralsed by pupils to be allocated to projects in the School at their discretion. Investing in Our Future an annu31 fund campaign Ihal encouraged people to give lo one of three pols (Headmaster's discretlonary Fund, Pupil Enrichment Fund or Bursarles) under the Umbrella term of Invesling in Our Future. Seb881ian John Award - Funds received from the public to create a pupil award fvnd in memory of a former pupil who died. The Council of Management separately maintains a Scholarship Fund, which provides monies towards the piovision of prizes, awards, scholarships and linancial assistance for puplls of the School. A Dyers Scholarship Fund was created for the benefit of specrfic pupils. Page 59 KING EDWARD VI GRAMMAR SCHOOL. NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Deslgnated Funds The Council of Management designates certain funds on an annual basis, and there are currently funds: a School Dèvelopment Fund and a Staff Development Fund, The School Development Fund relates lo amounts designated for luture School Capltal projects. Funds allocaled for this purpose are Invested ￿thIn the School's listed Investment portfollo and bank notice accounts. Income allocated lo the fund relates to dlvidends recelved from Ilsled Investments and interest. Gainsl{losses) during the year relate to gains on revaluation. and on disposal of listed investments. The Staff Development Fund was in place lo assist with enhanced costs during the period. Unrestrlcted funds: Dlrect beneflt penslon scheme Ilabllity A liability on the School's direct benefit pension scheme is usually recognis&d within unrestricted funds. Thls liability is calculated each year by an Independenl actuary. Durlng the year ended 31 Augusl 2022, in common with other UK direct benefit pension funds, a significant actuarial gain of £353k arose, Due to this and to contributions mad8 by the School, the direct benefit pension fund was, unusually, nol in a liability position at year end. bul instead was valued at £nll. In the current year, losses of £111 k (2023.. £99k) have arisen but the penS￿n fund was once agaln not in a Ilability position at the year end, and so Is valued at £nll. This has resulted in the capping of the actuarial galn by £108k (2023.. £162k). 22. Summary of funds Summary of funds - current year Balance at I September 2023 £000 8alance at Transfers Galnsl 31 August Inl{out) (Losses) 2024 £000 £000 £000 Income Expendlture £000 £000 Designated funds General funds Endowment funds Restricted funds 797 15,826 14 25,899 1,100 (1,100) 39 1111) 1,950 15,387 125,127) 3.273 2,498 3,273 2,842 810 (559) 93 22,394 26,723 (25,686 21 23,452 Page 60 KING EDWARD VI GRAMMAR SCHOOL. NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 22. Summary of funds (continued) Summary of funds - prior year Balance at I September 2022 Balanc8 al 31 August 2023 £000 Transfers in/(oul) £000 Galn (Losses) £000 Incon￿ Expendlture Designated funds General funds Endowment funds Restricted funds 598 14,818 13 24,223 200 (200) (14) (99) 797 15.826 (22,916) 3.273 2,343 3.273 2,498 752 (568) (29) 21,032 24,988 (23,484) (142) 22,394 23. Anatysls of net assets between funds Analysls of net a66ets between funds - current perlod Unrestrlcted Restrl¢ted Endowment funds funds funds 2024 2024 2024 £000 £000 £000 Total funds 2024 £000 Tangible fixed assets Fixed asset investments Investment property Current assets Creditors du8 Within one year Creditors due in more than one year 14,614 2,390 155 17,004 1,881 730 12,835 (7,009) {1,989) 1.136 730 10,401 (7,009) {1.989) 1,706 728 Total 17,337 2,842 3,273 23,452 Page 61 KING EDWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 24. Reconciliation of net movement in funds to net cash flow from operating activilles Gioup 2024 £000 Group 2023 £000 Net income for the period (as per Statement of Financial Activities) 1,169 1,461 Adjustments for: Dividends received Rents received from Investment propertles Interest receivabla Interest payable Depreciation Revaluation of inveslmenls Loss on dispos81 of fixed asseis Decrease in slock {Increase>ldecrease in debtors Increasel(decr8ase) in creditors Pension scheme non•cash movements (441 (62) (467> 53 1,046 (144) 89 (11} (115) 3,466 1111) (46) (62) (227) 55 1,101 43 10 (58) 371 (99) Net cash provided by operatlng actlvltles 4,869 2,551 25. Analysls of cash and cash equivalents Group 2024 £000 11,542 Group 2023 Cash at bank and In hand 9, 774 Total cash and cash equlvalents 11,542 9, 774 Page 62 KING EDWARD VI GRAMMAR SCHOOL, NORWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 26. Analysis of changes in net debt At1 September 2023 Cash flows £000 Other non. cash changes £000 At31 August 2024 £000 £000 9,774 (194) (679) (97) Cash 8t bank and in h8nd Debt due within 1 year Debt due after 1 year Hlre purchase 1.768 11,542 (194) (523} (54) 205 47 {49) {4) 8,804 2,020 {53) 10,771 27. FSnanclal Instruments Group 2024 £000 Gmup 2023 £000 Charlty 2024 £000 Ch8rily 2023 Flnanclal assets Financlal assets measured al fair value through income and expenditure 1,881 1. 735 1,881 1,735 Flnanclal assets measured at fair value through income and expendlture comprises listed investments. Page 63